I do believe you should be able to get your money if you tell your mom not to put you as a dependent, file your taxes, and claim a Recovery Rebate Credit

If you really don't have a bank account you can request a paper check but I don't recommend it

checks going out next week 🅱️

no its saying he won't physically sign the checks like trump did

In

Stimulus Bill Update: Passed ✅

The bill is heading back to the President's desk for signature after being passed by the House and the Senate.

So this represents the first major piece of legislation from the Biden admin. Yeah, they’ve signed 50 executive actions now, reversed some of the most cruel executive orders from the Trump era, sent some bills into Congress, coordinated the pandemic response from scratch, mobilized the federal government to respond to crises in Texas and Oklahoma, urged congresspeople to start doing their jobs, rejoined commitments with other countries… But I know what you’re thinking:

“That’s all good and well, but what have they done for me, personally?”

The massive stimulus bill was passed today by Congress. It got a whopping zero (0) Republican votes in the House and zero (0) Republican votes in the Senate, despite being supported by 70% of people in the country

Both sides

American Rescue Plan - $1.9 Trillion Stimulus Bill

✅ $422 billion for stimulus checks AKA stimmys
✅ $350 billion for state and local governments
emergency funding for state, local and territorial governments to support front-line workers
✅ $246 billion for unemployment insurance
An extra $300 a week in unemployment insurance
✅ $160 billion to combat COVID-19
$20 billion in funding to establish vaccination centers across the country, including in remote areas
$50 billion to expand testing and help schools and governments implement routine testing
✅ $130 billion to reopen K-12 schools safely
✅ $7.25 billion in PPP for small businesses
❌ $15 national minimum wage REMOVED
The provision for raising the minimum wage to $15 had passed the House but was removed by the Senate.
⚠️ Stimulus checks eligibility COMPROMISE
The original bill would have phased out stimulus checks for individuals with an income of $100,000 and couples earning $200,000; however moderate Democrats in the Senate had called to limit the scope of the stimulus payments to target lower-income families. The Senate revision would instead phase out at $75,000 for individuals and $150,000 for couples, and stop at $80,000 and $160,000 respectively.

Impact of the Stimulus

Here we go. Here’s what this thread is all about: bills, executive orders, data, numbers, charts, graphs, bullet points. Policy 🤓

People with kids are taking a W with this stimmy bill

They’re getting a considerably larger check than they did from the CARES act last year, plus an ongoing credit. And they’re not required to have a job to get the money this time

The rest of us could still get a little more with something called the Earned Income Tax Credit.

It is estimated that the American Rescue Plan will boost the GDP to pre-pandemic projections by the end of the year

We estimate that the package would boost economic activity, as measured by the level of real gross domestic product (GDP), by about 4 percent at the end of 2021 and 2 percent at the end of 2022, relative to a projection that assumes no additional fiscal support. We project that if the Biden package were enacted, GDP would reach the Congressional Budget Office’s (CBO) pre-pandemic GDP projection after the third quarter of 2021, exceeding it by 1 percent in the fourth quarter. In the middle of 2022, GDP would show a temporary and shallow decline and then grow at an annual rate of about 1.5 percent, coming close to the path projected just before the pandemic…

Without additional fiscal support, we project that real GDP would remain below the pre-pandemic level for the next several years. In the near term, without additional federal resources to contain the resurgence of the pandemic and distribute vaccines, the economy will face substantial headwinds. More broadly, millions of households will suffer as a result of waning fiscal support for the unemployed and households and businesses suffering financially. Indeed, Biden’s fiscal package should be judged primarily based on the extent to which it invests in COVID-19 containment and vaccination and provides needed relief to help households and businesses weather the pandemic.

The American Rescue Plan will cut poverty by 36%, Black poverty by over 40%, Hispanic poverty by 40% and child poverty by 50%

Indeed hundreds of billions of dollars in this bill are going directly to addressing childcare and food insecurity.

Four key elements of the American Rescue Plan Act would reduce the projected poverty rate for 2021 by more than one-third. In an earlier a***ysis, we projected that without this legislation, the 2021 annual poverty rate would be 13.7 percent. We project that key elements of the American Rescue Plan would reduce that annual poverty rate to 8.7 percent. The policies would reduce poverty by more than half for children and for people in households experiencing job loss. Poverty would fall about 42 percent for Black, non-Hispanic people, 39 percent for Hispanic people, and 34 percent for white, non-Hispanic people, reducing the disparities in poverty rates for Black, non-Hispanic people and Hispanic people relative to white, non-Hispanic people.

Our estimates include the effects of the American Rescue Plan Act’s (1) extension of pandemic-related unemployment insurance benefits, (2) extension of higher Supplemental Nutrition Assistance Program benefits, (3) $1,400 recovery rebate payments, and (4) advance portion of the increased child tax credit. Our projections, developed using the Urban Institute’s A***ysis of Transfers, Taxes, and Income Security (ATTIS) model, assess the impacts of these provisions on families’ economic well-being using the Supplemental Poverty Measure.

For the baseline 2021 poverty projections—without the new legislation—see urban.org/research/publication/2021-poverty-projections.

The reach, scope and long term impact of this bill is being compared to that of the Affordable Care Act

I’m seeing the word “transformative” a lot to describe it.

I should mention there is a factor of risk to all of this as well. There is some concern that spending this much could cause runaway inflation. The word is, if enough people keep their stimmy saved up instead of spending it, that shouldn’t be an issue though.

The other question is how the government is gonna pay all of this off. Make no mistake, this is expensive. I mean, Trump ran up the deficit by $7.8 trillion even before the pandemic and nobody gave a flying f***, but this bill definitely will not make it any smaller. Some economics people are saying that raising taxes on companies would not be the move, since they will want to prioritize re-opening businesses and getting the economy back to normal.

Either way, it’s been said that the risk of not doing enough is much greater than the risk of doing too much

There’s still so much I didn't talk about with this bill, hopefully the big picture of this stuff is not being lost here

That $1,400 going right to credit card bills

@Synopsis

yep i’m dropping half and then i’ll be good on my debt

he’ll find another thing to complain about dw

"Complain about"

You libs are braindead fr

look, youre already crying

did u use to have the emrata avi?

no this is my first/only avi on ktt2

dam nigga i just wanted to let you know your biden bucks will be deposited soon

Seek help

Not you lol. Just him

Now he just owes us 600 more

Going all to GME

and $2000 monthly payments

That's true

I’m happy that this will help a lot families with kids that live in poverty.

Hopefully this will bring poverty rates down as projected

yup same